Archive for May, 2017

Is Your Estate Plan Up To Date?

Thursday, May 11th, 2017

By: Amy C. O’Hara, Esq., Littman Krooks LLP

In order to ensure your existing estate plan meets your objectives, it is imperative that it be reviewed at least every 3-5 years and updated when needed.  Here are some issues that might necessitate updating your estate plan:

  • You want to avoid probate;
  • You or a beneficiary become disabled or have a long-term illness;
  • Death of a beneficiary;
  • Marriage, divorce or remarriage;
  • Birth or adoption of a child;
  • Death or change of executor, trustee, and/o guardian;
  • A change in the distribution of your estate;
  • A significant increase or decrease in your net worth;
  • Retirement;
  • Expecting to change state of domicile; and
  • Finally, any time you feel uneasy about any of your documents, making changes and/or speaking with your estate planning lawyer to make you feel comfortable with them.

Never make any changes on your current estate planning documents.  Mark-outs, interlineations and other informal changes are of no effect and will not be honored during an illness or after your death.  It is important to meet with an experienced estate planning lawyer to ensure you estate plan is updated properly to protect you and your loved ones.

 

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NYC Program Helps Seniors with Home Repairs

Friday, May 5th, 2017

Seniors who own their own home in New York City and need help paying for repairs may qualify for the Senior Citizen Home Assistance Program (SCHAP).

The SCHAP program is administered by the city’s Department of Housing Preservation and Development (HPD), in partnership with the Parodneck Foundation. Qualifying low- and moderate-income seniors can receive low-interest repayment loans or deferred no-interest loans to prevent physical deterioration of their home or to improve living conditions. The maximum loan amount is $40,000 for single-family homes or $30,000 per dwelling unit for two- to four-family homes.

Seniors may qualify if they have owned their home within the five boroughs of New York City for at least two years, and are 60 years old or older. Income guidelines apply, and the home must have liability and property insurance.

In the case of deferred, interest-free loans, there are no monthly payments, and fees plus ten percent of the loan are forgiven after the first year. The loan is payable in full if the house is sold, but if the borrower still resides in the home after 30 years, the balance of the loan is forgiven. In the case of low-interest repayment loans, the borrower is charged with 0-3 percent interest and repays the loan over 30 years.

The SCHAP program has been in operation since 1986, and has assisted more than 1,000 senior homeowners. In addition to affordable loans, the program also offers extensive technical assistance to qualifying seniors.

To learn more about the SCHAP program, including application requirements and the loan process, contact the Parodneck Foundation at 212-431-9700, extension 313, or visit: parodneckfoundation.org/schap.

 

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